REPOWR, a virtual community and digital marketplace that monetises the supply-chain’s underutilised equipment via B2B equipment rentals, has been boosted by a $4.2m funding round.
The Alabama-based company earlier this month (25th March) confirmed the capital boost as a result of a Seed funding round led by Koch Disruptive Technologies (KDT), with participation from Perot Jain Alliance, Plug and Play Venture Group, and a number of other investors.
REPOWR targets gas distributors with inactive, stagnant trucks, tube/cryogenic trailers, bulk tanks, microbulk, cylinder gases, and high-end welding equipment as well as other ‘vital assets’ and connects them with industry counterparts in need.
Further to that, the company also strategically targets vendors in the rental-leasing space to provide increased visibility and real-time availability to their equipment inventory.
Patrick Visintainer, CEO of REPOWR, said, “The amount of underutilised trailers in the supply chain is just mind-blowing and we recognised the opportunity and need to address this problem, which has ramifications across the entire supply chain.”
“Our job at REPOWR is to bring visibility and value to this ‘invisible trailer capacity’ so the assets keep generating revenue for owners and borrowers. These are valuable assets that all fleets – but especially smaller fleets – need, so we set out to introduce a network marketplace with book-it-now capabilities.”
Spencer Ware, Chief Operating Officer at REPOWR, added, “Traditional methods for sourcing equipment capacity are failing trucking companies, which ripples throughout the supply chain and ultimately affects the economy and consumers.”
“As an industry, we’re overlooking at least $45bn in underutilised trucks and trailers alone. Collaboration unlocks transparency and visibility, so marketplace users are empowered to connect with third parties to seamlessly share latent asset capacity.”
REPOWR is collaborating with major companies in the gas industry about asset-utilisation rates and generating a new type of revenue, by leasing their equipment.